LEGAL SERVICES

Question 1

money arrives from an off-shore source rather than the client’s bank account. What should the solicitor do?

Answer 1

funds could be from a tainted or illegal source, so the
make an authorised disclosure to a nominated officer within the firm. This is likely to be the Money Laundering Reporting Officer (MLRO).

Question 2

Why would a politicians husband self-funding to buy a property lead to enhanced due diligence by a solicitor?

Answer 2

The client’s wife’s status as a politically exposed person means that enhanced due diligence is required under Regulation 33 of the Money Laundering, Terrorist Financing and Transfer of Funds

Question 3

Can a previous solicitor charge his ex-client a success fee of 125% under a Conditional Fee Agreement (CFA)?

Answer 3

No.
- success fee cannot exceed 100% of the solicitors’ normal charges.
- setting a success fee of 125%, the CFA is invalid.
- The client should refuse to pay the success fee.

Question 4

What is the max % a solicitor can charge a client for a success fee?

Answer 4

100% of the solicitors’ normal charges.

Question 5

Damage Based Agreements are limited to what %?

Answer 5

50% of the sums ultimately recovered by the client.

Question 6

If you wanted to lead a protest in a public place are you required to ask the police for permission?

Answer 6

There is no requirement to ask permission of the police before leading a procession in a public place.

Question 7

what are the 8 protected characteristics of the equality act 2010?

Answer 7

1. age
2. disability
3. gender assignment
4. marriage & civil partnership
5. race
6. religion or belief
7. sex
8. sexual orientation

Question 8

If a solicitor has an issue with the police, must they inform the SRA?

Answer 8

YES
- must inform the SRA promptly if they are subject to any criminal charge, conviction or caution.

Question 9

what is the main framework/legislative authority that concerns activities to do w invetsments?

Answer 9

Financial Services and Markets Act 2000 (FSMA)

Question 10

What does the FCA regulate?

Answer 10

• market regulations
• responsible for conduct of business regulation of all firms (incl law firms)

Question 11

what does the Prudent Regulation Authority regulate?

Answer 11

• banks
• building societies
• credit unions
• certain investment firms

Question 12

when would a firm be exempt from registering w the FCA?

Answer 12

If under the FSMA 2000 guidelines, they are a:
- professional firm
- doesn’t carry out mainstream investment business
- but carry out corporate business

(Provided; its regulated by SRA or DPB)

Question 13

is carrying out a regulated activity without authorisation a criminal offence?

Answer 13

yes.
s 19 FSMA
penalty:
- up to 2 year conviction
- unlimited fine